Ask a dozen REALTORS® this question and you may get a dozen different responses with one underlying message. This real estate market is HOT! Inventory is down for the first time in many years. There’s an opportunity for more than one buyer per property turning it into a sellers market which many would say is a welcomed change.
According to a recent article published by Inman News, homes have posted the biggest gain in more than 7 years. According to the article “The median home price leaped 11.3% on an annual basis in the first quarter of 2013, rising from $158,600 to $176,600 according the NAR’s latest report.” That represents the largest year-over-year price gain since the fourth quarter of 2005.
What’s that mean to the metro area market?
The number of homes closed for April 2012 was 942. The number of homes closed as of April 2013 is 943. So that’s about the same. The number of homes under contract or “pending” for April 2012 was 1210. Number of homes under contract for April 2013 was 1327. That is a gain of 9% and the market time has also gone down.
In the Council Bluffs market there were 88 homes that closed in April of 2012. In April of 2013, there were 108 homes that were closed. That is a gain of 22.7%! Homes under contract or “pending” for April of 2012 was 145. In April of 2013 there were 149 homes under contract or “pending” also in a shorter market time.
In the simplest of terms, more houses are pending, with a shorter market time making now the time to consider making a move. Mortgage rates are at record lows and continue to remain there. We encourage you to call a NP Dodge Real Estate agent today and find out about taking advantage of this potentially once in a lifetime opportunity. You don’t want to miss out!